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    Head of the NLC talks about growth in the first quarter

    Tuesday, 3 September 2024 07:00

    By Tonya Organ

    Total alcohol sales for the quarter rang in at nearly $75 million and cannabis sales for the quarter totalled $24.3 million.

    The head of the Newfoundland and Labrador Liquor Corporation is feeling very positive about first quarter results for the year.  President and CEO Bruce Keating says the first quarter for the last two previous years saw a very sluggish market. He says net earnings for the first quarter of this year is $48 million, which is an increase of .4 million from last year’s first quarter. Total alcohol sales for the quarter rang in at nearly $75 million. Keating says that compares to about $71 million this time last year and part of that attributable to a price increase at the start of the year. Cannabis sales for the quarter totalled $24.3 million and last year’s first quarter was $19.4 million. Keating says a major factor for this 25 percent increase is more retailers. Over the past year, 14 new licensed retailers have opened. Keating says they estimate about 84 percent of the market is legal cannabis. 

     

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